Studies performed by European Central Bank and European Commission estimated that the total costs of the current payment systems in Europe could amount the 3% of the GDP and that the cost of a cash transaction ranges between 30 and 55 euro cent.
European interoperable infrastructures and electronic payment systems (direct debit, credit transfers, payment cards) are needed to low these costs but, at the same time, digitizing the payment scenario is paving the way to several different market players: large retail chains, ICT providers of the banking sector, cards issuers and acquirers, telecommunication companies, airlines, eBusiness players.
In Europe, the payment systems are going to be regulated by new rules: the Payment Systems Directive (PSD), that should be adopted by the member countries by 2009, is converging with the banking industry self-regulation, the Single Euro Payment Area (SEPA) and both of them imply a basic policy revision in the actual banking system cost models.
After the 2004 and the 2006 issues, this Third European Observatory on Digital Payment Systems and Smart Cards, jointly performed by FTI and SIA-SSB Group, aims to analyze these regulatory, technology and market trends, collecting documents and papers, in order to contribute to the knowledge of the payment systems of the 21st century global village.

"Europe is undergoing a period of fervent activity in the payments sector. The instruments and services offered to users in the field of retail payments have almost reached complete harmonization. The way is being paved to give the market those features of fair and open access that will enable competition to express its full potential, with positive consequences for the efficiency and cost of transactions." (Carlo Tresoldi, Chairman SIA-SSB Group)

Giorgio Pacifici, sociologist of political and economical phenomena, deals with the implications of technology on contemporary society and social change. He has been professor in European and American universities and was director of research branches of ICT private companies and Technology Advisor for different Ministries.
Pieraugusto Pozzi, full degree in Electronic Engineering, has been involved in R&D international activities. Director of Forum per la Tecnologia dell'Informazione (FTI), he is author of papers and essays about eCommerce, smart cards, ICT security and holds professorship at the University of Perugia.